In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. At the time of writing, the benchmark index is up 0.45% to 6,923.1 points.
Four ASX shares that are climbing more than most today are listed below. Here's why they are rising:
Arafura Rare Earths Ltd (ASX: ARU)
The Arafura Rare Earths share price is up 12% to 34.2 cents. This morning this rare earths developer announced offtake agreements with automakers Hyundai and Kia. The company will supply the two with up to 1,500 tonnes of neodymium and praseodymium (NdPr) annually from its Nolans Project. The agreement is on a seven-year term, with the potential for a five-year extension.
BHP Group Ltd (ASX: BHP)
The BHP share price is up almost 5% to $40.41. Investors have been buying BHP and other mining shares after commodity prices stormed higher on Friday. This was driven by speculation that China could end its COVID zero policy. Unfortunately, Chinese authorities have since quashed this speculation but that hasn't stopped BHP's shares from rising.
Capricorn Metals Ltd (ASX: CMM)
The Capricorn Metals share price is up 10% to $3.84. This follows an announcement by the gold explorer relating to its Mt Gibson Gold Project (MGGP) in Western Australia. According to the release, the company has increased its mineral resource estimate at MGGP by 32% to 2,755,000 ounces. Management also sees opportunities to increase its mineral resource further.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up 4% to $18.09. Investors have been buying Newcrest and other gold miners on Monday after a strong night for the precious metal on Friday. This has led to the S&P/ASX All Ordinaries Gold index rising a sizeable 4.7% this afternoon.
